SlopeLines (RTX)

Trendlines are one of the basic trading tools used to follow trends in market data. They are easy to draw in Investor/RT using the trendline drawing tool: click on a starting point; drag and drop on the ending point. Investor/RT has some trendline automation features as well that attempt to determine the current trend and auto draw lines to depict the trend. Introducing SlopeLines - a new tool that takes trendline automation to the limit. It allows the trader to identify and fully automate the drawing of trendlines from any point(s) in the chart where a specific signal of interest has occurred!

SlopeLines is an RTX Extension that automates the drawing of trendlines using the power of RTL signals and custom indicators. SlopeLines provides full control over the time (bar) in the chart where trendlines will begin, the starting price of the lines, the slope of the lines, and how far the lines extend into the future or how far back the lines will be drawn over prior trading periods.  For each starting point (bar), SlopeLines can optionally draw up to six additional trendlines from the starting point, each line using a multiplier of the original slope. Each additional line can be setup with its own color and line style.

Each SlopeLines indicator in your chart specifies an RTL signal that, when true, marks the starting bar for automated trendline drawing. For example you may use a simple RTL formula to create a signal based on the Investor/RT Fractal Indicator to automate trendline drawing at locations in your chart where a significant up fractal or down fractal is found. SlopeLines has a setup that specifies the price point at these bars at which the trendline drawing should begin. This can be a known price, e.g. the mid point of the bar, the high, low, or close of the bar, or it could be a computed price, e.g. the value of a 13-period exponential moving average at the bar (value computed by an RTL custom indicator). The final component needed to draw the automated trendline(s) is the slope of the trendline. This can be a constant slope expressed in price move per bar or number of tick increments per bar (e.g. 1 tick, 0.33 tick increments per bar), or more powerfully, the slope can be determined computationally by a specified RTL custom indicator formula. Alternataively, SlopeLines can compute and use the slope of some specified custom indicator at the bar location. Continuing the Fractals example, the slope of the base trendline could be determined from the slope of some moving average line at that particular bar. The six optional trendlines are then drawn using user specified multipliers. Classic Fibonacci multipliers might be used for example to draw a fan of trendlines from each identified Fractal point.

The possibilities are endless. Think of SlopeLines as a framework for (a) identifying interesting trading points in your charts, (b) establishing a base price at each point, (c) viewing various trendline slopes that could be predictive of a change in market direction when those trendlines are hit in subsequent price action.

Presentation

SlopeLines Prefs

  • Line Pen - Color, Style, and Width of the slope lines.
  • Slope - Slope can be specified in Constant values of Price Per Bar or Ticks Per Bar, or supplied by a Custom Indicator or the slope of a Custom Indicator.
  • Start Price - The staring price of the line can be supplied via a custom indicator, or can use any Bar Price (such as High, Low, VWAP, VPOC, etc).
  • Start Bars - This signal simply identifies the bars on which slope lines will begin.  The signal may identify events like up or down fractals or the turning up or down of a moving average,
  • Draw Which Lines - This controls the period from which lines may originate with choices including All, Visible, Last X Sessions, Last X Signals, and First X Signals.
    • Extend Line To Right - This choice controls how far each line will extend to the right.  Options include Right Edge of Chart, While Naked, N Bars, End of Session, and Until Broken.  See video for full descriptions and demonstrations of each of these options.
  • Extend Lines Left - When checked, the lines will also extend left from the starting point (and using same slope) to the left edge of the chart.
  • Slope Multiplier (1-6) - Up to 6 additional lines may be drawn from the starting poing using multiples of the original slope.  For instance, a multiplier of 2 will draw a line from same start with double the slope of the original line.  Each multiplier has it's own color, style, and width.
lsSlopeLines (@ES#)
lsSlopeLines. This chart was uploaded by Investor/RT 13.1.1 showing symbol: @ES#.

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SlopeLines (RTX)
SlopeLines (RTX)

SlopeLines is an RTX Extension indicator that automates the drawing of trendlines using signals...

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RTL - Investor/RT Language

RTL is the Investor/RT Language, a formula language for composing trading signals, custom indicators, and scans. RTL is an end user language, designed to be used by those with little or no programming skills. RTL is used to write a formula. A formula may be a true/false condition, e.g. CLOSE < MA, that determines whether some condition is true or not for each bar (a signal) or the last bar (a scan). A formula may compute an arithmetic result, called a custom indicator. For example: MA ( HIGH - CLOSE ) computes a moving average of how far an instrument closes from its high. As you can see, RTL is more expressive, simpler, and easier to use than other market data languagues.

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